Exhibit 99.1 Q1 Fiscal 2024 Letter To Shareholders April 24, 2024 Dear shareholders, At the beginning of this year, we laid out four key goals for 2024 to help shareholders follow our progress as we move from prototype to product: begin shipment of Alpha-2 prototype battery cells, ramp our Raptor fast separator production process, begin low-volume B0 prototype production of our first commercial product, QSE-5, and prepare our Cobra process to support higher volumes of QSE-5 in 2025. We announced on March 27 ...